Reset password for wordpress installation

If you ever in the position of having forgotten your password for a user of your wordpress installation here are good news: You can reset it.
Connect to your mysql database as root and execute:

update wp_users set user_pass=md5("password") where user_login="user";

User user now authenticates with password password. You can now login with those credentials and change your password in the wordpress dashboard.

If you want to set your password directly via sql ensure you have disabled history logging (e.g. via export MYSQL_HISTFILE=/dev/null) otherwise one would be able to read your password in cleartext from the historyfile ~/.mysql_history. Don't forget to set MYSQL_HISTFILE back to normal.